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2021 - Farmers2

Farmers State Bank of Munith has been acquired by Fentura Financial, Inc.


On June 22, 2021, the boards of directors of Fentura Financial, Inc. (OTCQX: FETM), the holding company for Fenton-based The State Bank, and Farmers State Bank based in Munith, today announced the execution of a definitive agreement by which Fentura Financial, Inc. (“Fentura”) will acquire Farmers State Bank (“FSB”) for $15.5 million in cash consideration. Based on current shares outstanding, shareholders of FSB will receive $103.33 in cash for each share. The transaction closed on December 1, 2021.

The boards of directors of both financial institutions have unanimously approved the purchase, which will include the acquisition of all FSB’s stock by Fentura. Excluding transaction costs, Fentura expects earnings per share (“EPS”) to be enhanced by 12-14% in each of the first two years following closing. The transaction is expected to dilute tangible book value by 6.1% at closing but anticipates earn back of the tangible book value dilution in less than four years using the crossover method.

As of March 31, 2021, FSB reported $104 million in assets, $45 million in loans and $95 million in deposits. The State Bank’s branch offices will increase to 20 locations, with the addition of FSB’s offices in Munith, Stockbridge and Grass Lake.

Upon completion of the transaction, Jeanne Richter, President & CFO of FSB, will join the senior management team of The State Bank and Craig Goodlock, Chairman & CEO of FSB, will retire.

Our Client


Farmers State Bank, founded in 1922, is an independent community bank committed to providing services to residents and businesses in Jackson, Ingham, Livingston, and Washtenaw Counties. It has assets of approximately $104 million and currently operates offices in Munith, Stockbridge and Grass Lake. More information can be found at

Transaction Partner


Fentura Financial, Inc. is the holding company for The State Bank. It was formed in 1987 and is traded on the OTCQX exchange under the symbol FETM, and has been recognized as one of the Best 50 performing stocks in recent years on that exchange.

The State Bank, founded in 1898, is a full-service, 5-Star Bauer Financial rated commercial, retail and trust bank headquartered in Fenton, Michigan. It currently operates 17 full-service branches in Genesee, Livingston, Oakland, Saginaw, and Shiawassee Counties. The State Bank’s commercial department provides a complete array of products including lines of credit, term loans, commercial mortgages, SBA loans and a full-suite of cash management products. The retail department offers personal checking, savings, time and IRA deposit accounts and a wide array of loan products including home equity, auto and personal loans. The residential loan department offers construction, purchase and refinance residential mortgage loans. The wealth management department offers a full-service suite of trust and portfolio management services. More information can be found at or


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Financial Institutions
Consulting Director
Financial Institutions
Managing Director
Financial Institutions